IndyMac Modification letter

I saw a few different posts after a search for IndyMac but none seem to similar to my situation. My apologies if this is a duplicate post.

After about a year of trying to work out a repayment plan/modification we were denied a modification because while the original hardship (unemployed for 9 months) was resolved my income after I was employed again was high enough to afford my payment. IndyMac offered 6 months forbearance while additional modifications were attempted with the investor (Fannie Mae). The day after our last payment was made we received a denial letter and a foreclosure notice. IndyMac said we didn't qualify for anything and unless we could come up with the past due amount ($36k) the home would be sold. The next day we got the notice the home was going to be sold March 19th. We planned to move and go about our lives because we didn't have any other options it seemed.

The day the home was schedule to be sold a modification offer came in the mail that we had to notarize and send back to Indymac and our payment is due May 1st.

The arrears are being added to the loan so the new amount is $444k. The terms of the loan to not change interest only, 8.125% balloon payment due 2036. The payment is going from $3000 to $3700.

I called and asked why the payment is going up so much I was given two answers: 1. My previous payment was less than 31% of gross income and it has to be that to qualify. I was later told that answer is false. 2. My payment is going up because the total amount of loan changed thus increasing the payment. I can't figure out how to calculate the payment though because I either fail at math or that answer isn't correct.

My concern is that the terms don't change (interest only) and the rate an adjust in 2 years +/- and I don't understand what I'm actually paying. I don't want to refuse the modification and risk losing my house after I feel like we've got a second shot.

I'm so frustrated/confused because even IndyMac can't answer my question. I feel like they know I'm over a barrel.

I'm crossing my fingers someone else might have some insight. Just want to be able to get my questions answered and start rebuilding our lives.

I wish anyone else going through this the best of luck, I completely empathize with your personal hell.

Welcome to the forum and we appreciate the wall Actually, this forum is going on 3 years of stories and history. You are just another part in our story book and yes, it is very therapeutic to share and tell your story that you are holding inside. I encourage you to share more and please feel free to ask other members questions.

OK, it seems like they have you between a rock and a hard place. You should send them a Qualified Written Request (QWR) detailing your complaint and ask them for a life of loan history that details your payment history, interest, balance, loan mod etc.

When you contact your servicer in writing, make sure to document and include your account number. You’ll want to clearly explain why you feel your account is incorrect. Make sure that you send this separate from your payment and don’t send it to where you send your monthly mortgage payments. You’ll want to send it certified mail or fed ex to your mortgage servicers customer service address.

Within 20 business days of receiving your letter, your mortgage servicer must send you a written response acknowledging it. Your servicer then has 60 business days, to correct your account or determine that it is accurate. Your servicer must then send you a written response of the action they took and why, along with the name and telephone number of someone you can contact for additional assistance.

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Personally, I feel they took advantage of you and stuck you with a worse off situation because of your desire stay and ability to pay.

In any event, do not just take whatever they throw you for home saving sake. Make sure you are not getting screwed and they only one who can do it is you or an expensive lawyer.

Best Regards,

Moe
Founder
LoanSafe.org - America's #1 Mortgage Forum
1-800-779-4547

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Thank you for replying. I guess my option is sending the letter because my last conversation with IndyMac left me even more confused.

Now they are saying my payment is going up $900 because the investor requested it. I can't find any documentation on this type of modification and my calls to FannieMae are even more frustrating that IndyMac.

Just wish it was permanent solution to the problem e.g. fixed rate and P&I. I'm just hoping I can afford this and do a HAMP Refi after making 12 ontime payments.

Thank you for replying. I guess my option is sending the letter because my last conversation with IndyMac left me even more confused.

Now they are saying my payment is going up $900 because the investor requested it. I can't find any documentation on this type of modification and my calls to FannieMae are even more frustrating that IndyMac.

Just wish it was permanent solution to the problem e.g. fixed rate and P&I. I'm just hoping I can afford this and do a HAMP Refi after making 12 ontime payments.

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Have you read the HAMP guidelines at www.hmpadmin.com ? I read them over and over and kept up with all of the new supplements because if you know what the guidelines are you can feel confident in your position when dealing with Indymac. Resolution of the hardship is not enough to deny you a hamp mod.

The deal they are trying to work out with you is terrible. You said you have been working on a mod with Indy for almost a year so is this a Hamp mod you have been working on? If you officially request a hamp mod they will have to advise you why you don't qualify for it and they will not be able to tell you it's because you can now make your original payment. You are still behind and need a resolution to avoid foreclosure.

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